SANTA FE SPRINGS, Calif. - Refrigerator Manufacturers Inc. (RMI) completed its financial restructuring and is now intending to aggressively pursue an increased share of the $350 million North American market for custom-designed and manufactured walk-in cooler and freezer rooms. In recent years, RMI has been a leading supplier of large cooler and freezer rooms for major U.S. entertainment destination facilities and restaurants as well as public sector facilities.
Doug Gibbs, RMI’s interim president, disclosed that J.W. Childs, a Boston-based private equity firm, provided the funding to restructure the company after its former parent sought creditor protection. J.W. Childs is now the company’s sole shareholder.
“For 63 years, RMI has been a highly regarded manufacturer of high-end, specialty walk-in cooler rooms and doors,” said Gibbs.
“This restructuring ensures not only the continuation of RMI’s operations, but provides us with the financial and relationship resources to more aggressively pursue an increased share of business in our traditional sectors. As well, we are now in a position to expand our product range by price points and to pursue sales in other sectors.”
Earlier this year, RMI relocated to a new 80,000-square-foot manufacturing facility to incorporate dozens of new production machines and a custom-made, 140-foot long panel press.
In addition to Gibbs, the company’s management team includes Larry Jaffe, the former owner who is now responsible for business development, and Jim Cook, vice president of sales. The team also includes Remy Pantaleon, controller; Pedro Castaneda, operations manager; and Tony Sandoval, plant manager.
For more information, visit www.rmiwalkincoolers.com.
RMI Completes Restructuring
November 17, 2008